Miguel planned to buy a house but could afford to pay only $$14,000$ at the end of every $6$ months for a mortgage with an interest rate of $3\mathrm{.}80\%$ compounded semi$-$annually for $25$ years. She paid $$28,000$ as a down payment.a$.$ What was the maximum amount she could afford to pay for a house?Round to the nearest centb. What was her total amount spent for the house through the mortgage period including the downpayment $($not taking the time$-$value of money into account$)?$Round to the nearest centc. What was the total amount of interest paid through the mortgage period?

Answer rating: 100% (QA)

a To find the maximum amount Miguel can afford to pay for a house we need to calculate the maximum monthly mortgage payment she can afford considering ... View the full answer